As it gains momentum, traders are awaiting Solana’s (SOL) next major move. A crucial support level might determine SOL’s future course as it trends toward its ATH. Analyst Crypto Patel highlights both opportunities and risks, leaving investors wondering: will Solana surge or stumble?
What you'll learn 👉
Resistance Near SOL’s ATH Keeps Bulls in Check
Crypto Patel highlighted that Solana’s previous all-time high (ATH) of $260-$270 now acts as a key resistance. Recent attempts to break past this level have failed, underscoring the challenges bulls face.
Patel suggested that a sustained move above this zone could signal a breakout, potentially targeting $300-$400. However, without strong buying pressure, the price may struggle to climb further, leaving traders cautious.
The Importance of the $150 Support Level
The $150 level stands as a critical threshold for Solana, according to Patel’s analysis. This zone aligns with the broader uptrend channel that began in mid-2022. Patel explained that holding this support is vital for maintaining bullish momentum.
A breakdown below this level, however, could lead to panic selling, pushing the price toward mid-range support at $84.24 or even further to $39.82.
Read also: Top Analyst Predicts Ethena (ENA) Could 10x to $10 This Bull Run: Here’s How
Bullish and Bearish Scenarios in Focus
Crypto Patel outlined two contrasting scenarios for SOL. If the $150 support holds and bullish momentum builds, traders could see a push toward the $300-$400 range.
On the flip side, a breach of $150 could trigger sharp declines, with traders eyeing lower support levels for potential opportunities. Patel advised closely monitoring these key levels for signs of the next big move.
At press time, SOL’s price is $186.40, with a daily trading volume of $6.15 billion. Despite a modest 0.88% daily gain, SOL has dropped 13.85% over the past week. This range-bound movement highlights the delicate balance between bullish and bearish pressures.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
